QSM Asset Management Ltd Takes Position in Vestis Co. (NYSE:VSTS)

QSM Asset Management Ltd acquired a new stake in Vestis Co. (NYSE:VSTS - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 431,716 shares of the company's stock, valued at approximately $6,560,000. Vestis accounts for 5.6% of QSM Asset Management Ltd's portfolio, making the stock its 11th largest holding. QSM Asset Management Ltd owned 0.33% of Vestis as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new stake in shares of Vestis during the 4th quarter valued at $2,194,000. Proficio Capital Partners LLC purchased a new position in Vestis during the 4th quarter valued at about $185,000. Ieq Capital LLC increased its position in shares of Vestis by 689.7% during the fourth quarter. Ieq Capital LLC now owns 160,671 shares of the company's stock valued at $2,449,000 after buying an additional 140,324 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Vestis by 17.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,538,882 shares of the company's stock worth $38,693,000 after buying an additional 382,071 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Vestis in the fourth quarter valued at approximately $210,766,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Vestis

In other Vestis news, COO William J. Seward purchased 10,000 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were purchased at an average cost of $6.23 per share, with a total value of $62,300.00. Following the completion of the purchase, the chief operating officer now owns 130,862 shares of the company's stock, valued at $815,270.26. The trade was a 8.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas A. Pertz acquired 70,000 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was acquired at an average cost of $6.17 per share, with a total value of $431,900.00. Following the purchase, the director now directly owns 297,010 shares in the company, valued at $1,832,551.70. This represents a 30.84% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 880,675 shares of company stock valued at $5,271,632 over the last 90 days. 13.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Robert W. Baird decreased their price target on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating on the stock in a report on Thursday, March 20th. Finally, Barclays lowered their price objective on Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, Vestis currently has a consensus rating of "Hold" and a consensus price target of $11.75.

Vestis Price Performance

VSTS traded down $0.04 on Friday, reaching $6.16. The company had a trading volume of 1,997,471 shares, compared to its average volume of 2,174,054. Vestis Co. has a 52-week low of $5.20 and a 52-week high of $17.83. The company has a market cap of $811.78 million, a price-to-earnings ratio of 77.01 and a beta of 1.61. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.43 and a current ratio of 1.80. The business has a 50 day simple moving average of $7.68 and a 200 day simple moving average of $12.07.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a return on equity of 7.91% and a net margin of 0.34%. The company had revenue of $665.25 million during the quarter, compared to the consensus estimate of $690.81 million. Vestis's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Vestis Co. will post 0.7 EPS for the current year.

About Vestis

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.